The Treasury Department and the IRS on Monday unveiled a plan to “close a major tax loophole” used by large, complex partnerships.
The U.S. Department of the Treasury and the IRS on Monday unveiled a plan to"close a major tax loophole" used by large, complex partnerships.
Pass-through business filings with more than $10 million in assets increased 70% between 2010 and 2019, but the audit rate for these partnerships fell from 3.8% to 0.1% during that period, according to the Treasury.
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